Reported portfolio
Thomas Russo
Gardner Russo & Quinn LLC
Last update 2026-05-13
- Reported portfolio value
- $8,496,278,000
- Current positions
- 86
- Top five concentration
- 49.3%
- Largest position
- 12.3%
- New positions
- 4
- Closed positions
- 5
Reported holdings
91 positions
| Company | Portfolio | Quarterly activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
BRK/A Berkshire Hathaway Inc Cl A | 12.34% | Reduced 1.9% | 1,460−28 | $718,140 | $1,048,484,000−$74,658,000 | 13F2026-03-31 ↗ |
GOOG Alphabet Inc Cl C | 11.31% | Reduced 14.8% | 3,350,337−580,860 | $287 | $961,078,000−$272,532,000 | 13F2026-03-31 ↗ |
MA Mastercard Inc Cl A | 9.15% | Reduced 1.9% | 1,555,141−30,858 | $500 | $777,042,000−$128,373,000 | 13F2026-03-31 ↗ |
PM Philip Morris International In | 8.96% | Reduced 2.0% | 4,605,069−92,439 | $165 | $761,402,000+$7,922,000 | 13F2026-03-31 ↗ |
HKHHF Heineken Holding NV | 7.57% | Reduced 1.1% | 9,101,528−98,748 | $71 | $643,364,000−$30,884,000 | 13F2026-03-31 ↗ |
CFRHF Compagnie Financiere Richemont | 7.00% | Reduced 1.6% | 3,447,287−54,818 | $172 | $594,389,000−$166,150,000 | 13F2026-03-31 ↗ |
NSRGY Nestle SA Sponsored ADR | 6.39% | Reduced 2.4% | 5,481,714−135,448 | $99 | $543,238,000−$11,625,000 | 13F2026-03-31 ↗ |
NFLX Netflix Inc | 6.35% | Added 12.1% | 5,610,666+605,901 | $96 | $539,466,000+$70,219,000 | 13F2026-03-31 ↗ |
BRK/B Berkshire Hathaway Inc Cl B | 6.26% | Reduced 1.3% | 1,110,429−14,966 | $479 | $532,118,000−$33,562,000 | 13F2026-03-31 ↗ |
MLM Martin Marietta Materials | 4.96% | Reduced 1.5% | 715,411−11,201 | $589 | $421,148,000−$31,284,000 | 13F2026-03-31 ↗ |
SUNB Sunbelt Rentals Holdings Inc | 4.63% | New | 6,049,133+6,049,133 | $65 | $393,738,000+$393,738,000 | 13F2026-03-31 ↗ |
UBER Uber Technologies Inc | 4.38% | Added 0.6% | 5,173,404+28,344 | $72 | $372,123,000−$48,280,000 | 13F2026-03-31 ↗ |
ERFSF Eurofins Scientific | 2.63% | New | 3,096,404+3,096,404 | $72 | $223,551,000+$223,551,000 | 13F2026-03-31 ↗ |
PDRDF Pernod Ricard | 2.16% | Reduced 2.9% | 2,479,656−74,224 | $74 | $183,480,000−$35,776,000 | 13F2026-03-31 ↗ |
DASH Doordash Inc Cl A | 1.77% | Added 7.6% | 1,001,195+70,728 | $150 | $150,329,000−$60,403,000 | 13F2026-03-31 ↗ |
CMCSA Comcast Corp New Cl A | 0.76% | Reduced 2.0% | 2,253,106−47,091 | $29 | $64,687,000−$4,066,000 | 13F2026-03-31 ↗ |
BF/A Brown-Forman Corp Cl A | 0.52% | Reduced 1.2% | 1,647,878−20,216 | $27 | $44,147,000+$259,000 | 13F2026-03-31 ↗ |
JPM J.P. Morgan Chase | 0.52% | Reduced 71.9% | 148,798−380,019 | $294 | $43,770,000−$126,625,000 | 13F2026-03-31 ↗ |
XOM Exxon Mobil Corp | 0.39% | Added 0.5% | 193,950+917 | $170 | $32,906,000+$9,676,000 | 13F2026-03-31 ↗ |
V Visa Inc Cl A | 0.33% | Reduced 13.8% | 93,812−15,006 | $302 | $28,354,000−$9,810,000 | 13F2026-03-31 ↗ |
BF/B Brown-Forman Corp Cl B | 0.21% | Reduced 6.8% | 659,694−48,485 | $26 | $17,442,000−$1,013,000 | 13F2026-03-31 ↗ |
BUDFF Anheuser-Busch InBev SA | 0.15% | Reduced 30.7% | 184,010−81,515 | $69 | $12,662,000−$4,459,000 | 13F2026-03-31 ↗ |
MO Altria Group Inc | 0.13% | Reduced 0.2% | 164,461−311 | $66 | $10,853,000+$1,352,000 | 13F2026-03-31 ↗ |
MKL Markel Corp | 0.11% | Reduced 21.1% | 4,954−1,325 | $1,914 | $9,482,000−$4,015,000 | 13F2026-03-31 ↗ |
CR Crane Company | 0.09% | Reduced 14.3% | 46,626−7,775 | $171 | $7,973,000−$2,060,000 | 13F2026-03-31 ↗ |
UNP Union Pac Corp | 0.08% | Added 10.6% | 27,638+2,654 | $243 | $6,706,000+$926,000 | 13F2026-03-31 ↗ |
COST Costco Whsl Corp | 0.05% | Unchanged | 4,624 | $996 | $4,607,000+$620,000 | 13F2026-03-31 ↗ |
DOV Dover Corp | 0.05% | Reduced 2.0% | 19,126−400 | $208 | $3,987,000+$175,000 | 13F2026-03-31 ↗ |
GOOGL Alphabet Inc Cl A | 0.04% | Reduced 22.2% | 11,610−3,306 | $288 | $3,339,000−$1,330,000 | 13F2026-03-31 ↗ |
ABBV AbbVie Inc | 0.03% | Unchanged | 12,410 | $217 | $2,699,000−$137,000 | 13F2026-03-31 ↗ |
COCXF Lindt & Spruengli AG - Reg | 0.03% | Unchanged | 15 | $142,119 | $2,132,000−$72,000 | 13F2026-03-31 ↗ |
VMC Vulcan Materials | 0.02% | Reduced 8.2% | 7,263−649 | $272 | $1,978,000−$279,000 | 13F2026-03-31 ↗ |
AXP American Express | 0.02% | Reduced 46.7% | 6,485−5,675 | $302 | $1,962,000−$2,537,000 | 13F2026-03-31 ↗ |
MKC McCormick Inc | 0.02% | Reduced 5.1% | 38,581−2,085 | $50 | $1,946,000−$824,000 | 13F2026-03-31 ↗ |
KNCRF Konecranes | 0.02% | Added 184.6% | 52,500+34,050 | $32 | $1,690,000−$345,000 | 13F2026-03-31 ↗ |
WRBY Warby Parker Inc Cl A | 0.02% | Added 23.1% | 80,000+15,000 | $21 | $1,686,000+$269,000 | 13F2026-03-31 ↗ |
FLMNF Fielmann | 0.02% | Added 28.4% | 33,000+7,300 | $50 | $1,656,000+$341,000 | 13F2026-03-31 ↗ |
SSPPF SSP Group | 0.02% | Added 6.1% | 700,000+40,000 | $2 | $1,614,000−$214,000 | 13F2026-03-31 ↗ |
FLUIF Fluidra | 0.02% | Added 18.6% | 70,000+11,000 | $23 | $1,595,000−$10,000 | 13F2026-03-31 ↗ |
RTLLF Rational AG | 0.02% | Added 125.6% | 2,200+1,225 | $717 | $1,577,000+$819,000 | 13F2026-03-31 ↗ |
AKBLF ALK Abello A/S | 0.02% | Added 42.9% | 50,000+15,000 | $31 | $1,559,000+$301,000 | 13F2026-03-31 ↗ |
LEVI Levi Strauss & Co Cl A | 0.02% | Added 73.3% | 82,725+35,000 | $18 | $1,530,000+$540,000 | 13F2026-03-31 ↗ |
LRLCF Loreal SA | 0.02% | Unchanged | 3,705 | $403 | $1,491,000−$104,000 | 13F2026-03-31 ↗ |
PEP Pepsico Inc | 0.02% | Reduced 6.0% | 9,205−589 | $155 | $1,429,000+$24,000 | 13F2026-03-31 ↗ |
DVDCF Davide Campari-Milano NV | 0.02% | Reduced 16.6% | 202,013−40,090 | $7 | $1,427,000−$148,000 | 13F2026-03-31 ↗ |
KMROF Kalmar Oyj B | 0.02% | Added 12.5% | 27,000+3,000 | $50 | $1,349,000+$206,000 | 13F2026-03-31 ↗ |
DELHF De'Longhi | 0.02% | Added 10.6% | 39,000+3,750 | $35 | $1,347,000−$164,000 | 13F2026-03-31 ↗ |
PG Procter & Gamble | 0.02% | Reduced 22.8% | 9,229−2,722 | $144 | $1,333,000−$380,000 | 13F2026-03-31 ↗ |
PUIGF Puig Brands | 0.02% | Unchanged | 68,000 | $19 | $1,323,000+$136,000 | 13F2026-03-31 ↗ |
MSFT Microsoft Corp | 0.02% | Reduced 4.3% | 3,544−161 | $370 | $1,312,000−$480,000 | 13F2026-03-31 ↗ |
LTSSF Lotus Bakeries | 0.02% | Unchanged | 115 | $11,222 | $1,291,000+$230,000 | 13F2026-03-31 ↗ |
WILLF Demant A/S | 0.01% | Unchanged | 41,000 | $30 | $1,226,000−$162,000 | 13F2026-03-31 ↗ |
CABJF Carlsberg B A/S | 0.01% | Reduced 57.2% | 9,872−13,219 | $124 | $1,223,000−$1,810,000 | 13F2026-03-31 ↗ |
ECTXF Electrolux Professional | 0.01% | Added 15.0% | 230,000+30,000 | $5 | $1,217,000−$198,000 | 13F2026-03-31 ↗ |
WMT Wal Mart Stores Inc | 0.01% | Reduced 4.2% | 9,740−425 | $124 | $1,210,000+$78,000 | 13F2026-03-31 ↗ |
AAPL Apple Inc | 0.01% | Added 1.6% | 4,751+77 | $254 | $1,206,000−$65,000 | 13F2026-03-31 ↗ |
ABT Abbott Labs | 0.01% | Unchanged | 11,510 | $103 | $1,182,000−$260,000 | 13F2026-03-31 ↗ |
HMRZF H&M | 0.01% | Unchanged | 64,000 | $18 | $1,177,000−$114,000 | 13F2026-03-31 ↗ |
HINKF Heineken NV | 0.01% | Unchanged | 15,131 | $76 | $1,156,000−$83,000 | 13F2026-03-31 ↗ |
SUNB Sunbelt Rentals Holdings ORD | 0.01% | New | 18,178+18,178 | $63 | $1,139,000+$1,139,000 | 13F2026-03-31 ↗ |
NSRGF Nestle SA-REG | 0.01% | Unchanged | 11,130 | $98 | $1,086,000−$20,000 | 13F2026-03-31 ↗ |
FULT Fulton Finl Corp | 0.01% | Reduced 9.5% | 48,950−5,150 | $20 | $996,000−$50,000 | 13F2026-03-31 ↗ |
KO Coca-Cola | 0.01% | Reduced 4.5% | 13,025−615 | $76 | $991,000+$37,000 | 13F2026-03-31 ↗ |
JBTM JBT Marel Corp | 0.01% | Unchanged | 7,250 | $128 | $927,000−$165,000 | 13F2026-03-31 ↗ |
YETI Yeti Holdings Inc | 0.01% | Unchanged | 24,000 | $37 | $878,000−$182,000 | 13F2026-03-31 ↗ |
FBLA FB Bancorp Inc | 0.01% | Unchanged | 50,000 | $14 | $687,000+$45,000 | 13F2026-03-31 ↗ |
LAMR Lamar Advertising Co-A | 0.01% | Reduced 10.1% | 5,368−606 | $127 | $680,000−$76,000 | 13F2026-03-31 ↗ |
ZLDSF Zalando SE | 0.01% | Unchanged | 28,000 | $24 | $663,000−$170,000 | 13F2026-03-31 ↗ |
HRI Herc Holdings Inc | 0.01% | Unchanged | 6,450 | $100 | $642,000−$315,000 | 13F2026-03-31 ↗ |
WFC Wells Fargo | 0.01% | Reduced 6.5% | 7,450−514 | $80 | $593,000−$149,000 | 13F2026-03-31 ↗ |
SWZ Total Return Securities Fund | 0.01% | Reduced 33.2% | 97,667−48,617 | $6 | $579,000−$331,000 | 13F2026-03-31 ↗ |
ORCL Oracle Corp | 0.01% | Added 3.6% | 3,600+125 | $147 | $530,000−$148,000 | 13F2026-03-31 ↗ |
CVX Chevron Corp | 0.01% | Reduced 7.5% | 2,470−200 | $207 | $511,000+$104,000 | 13F2026-03-31 ↗ |
GNRC Generac Holdings Inc | 0.01% | Unchanged | 2,250 | $195 | $439,000+$133,000 | 13F2026-03-31 ↗ |
HRL Hormel Foods Corp | 0.01% | Reduced 4.2% | 19,000−835 | $23 | $430,000−$40,000 | 13F2026-03-31 ↗ |
LTGIF LT Group Inc | 0.01% | Unchanged | 1,775,000 | $0 | $428,000−$18,000 | 13F2026-03-31 ↗ |
OUT Outfront Media Inc | 0.00% | Reduced 13.3% | 13,588−2,089 | $26 | $360,000−$18,000 | 13F2026-03-31 ↗ |
CAT Caterpillar Inc | 0.00% | Reduced 18.2% | 450−100 | $708 | $319,000+$4,000 | 13F2026-03-31 ↗ |
JNJ Johnson & Johnson | 0.00% | Added 33.6% | 1,304+328 | $244 | $319,000+$117,000 | 13F2026-03-31 ↗ |
MCD McDonalds Corp | 0.00% | Added 4.6% | 947+42 | $311 | $294,000+$18,000 | 13F2026-03-31 ↗ |
UNM Unum Group | 0.00% | Unchanged | 3,800 | $73 | $278,000−$17,000 | 13F2026-03-31 ↗ |
MRK Merck Inc | 0.00% | New | 2,141+2,141 | $120 | $258,000+$258,000 | 13F2026-03-31 ↗ |
DIS Disney Walt Productions | 0.00% | Added 0.3% | 2,517+7 | $96 | $243,000−$43,000 | 13F2026-03-31 ↗ |
AMZN Amazon.com Inc | 0.00% | Unchanged | 1,040 | $208 | $217,000−$23,000 | 13F2026-03-31 ↗ |
PHJMF Hanjaya Mandala Sampoerna | 0.00% | Unchanged | 5,000,000 | $0 | $213,000−$4,000 | 13F2026-03-31 ↗ |
CIR Cofide SPA | 0.00% | Unchanged | 251,250 | $1 | $196,000−$11,000 | 13F2026-03-31 ↗ |
AHTGBP Ashtead Group PLC | 0.00% | Exited | 0−6,111,758 | $68 | $0−$418,101,000 | 13F2026-03-31 ↗ |
DGEAF Diageo PLC | 0.00% | Exited | 0−129,805 | $22 | $0−$2,800,000 | 13F2026-03-31 ↗ |
H Hyatt Hotels Corp Cl A | 0.00% | Exited | 0−8,675 | $160 | $0−$1,391,000 | 13F2026-03-31 ↗ |
PNC PNC Bank Corp | 0.00% | Exited | 0−3,750 | $209 | $0−$783,000 | 13F2026-03-31 ↗ |
IBM I B M | 0.00% | Exited | 0−750 | $296 | $0−$222,000 | 13F2026-03-31 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BRK/A | Berkshire Hathaway Inc Cl A | 12.34% | 1,460 | $1,048,484,000 |
| GOOG | Alphabet Inc Cl C | 11.31% | 3,350,337 | $961,078,000 |
| MA | Mastercard Inc Cl A | 9.15% | 1,555,141 | $777,042,000 |
| PM | Philip Morris International In | 8.96% | 4,605,069 | $761,402,000 |
| HKHHF | Heineken Holding NV | 7.57% | 9,101,528 | $643,364,000 |
| CFRHF | Compagnie Financiere Richemont | 7.00% | 3,447,287 | $594,389,000 |
| NSRGY | Nestle SA Sponsored ADR | 6.39% | 5,481,714 | $543,238,000 |
| NFLX | Netflix Inc | 6.35% | 5,610,666 | $539,466,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 6.26% | 1,110,429 | $532,118,000 |
| MLM | Martin Marietta Materials | 4.96% | 715,411 | $421,148,000 |
| SUNB | Sunbelt Rentals Holdings Inc | 4.63% | 6,049,133 | $393,738,000 |
| UBER | Uber Technologies Inc | 4.38% | 5,173,404 | $372,123,000 |
| ERFSF | Eurofins Scientific | 2.63% | 3,096,404 | $223,551,000 |
| PDRDF | Pernod Ricard | 2.16% | 2,479,656 | $183,480,000 |
| DASH | Doordash Inc Cl A | 1.77% | 1,001,195 | $150,329,000 |
| CMCSA | Comcast Corp New Cl A | 0.76% | 2,253,106 | $64,687,000 |
| BF/A | Brown-Forman Corp Cl A | 0.52% | 1,647,878 | $44,147,000 |
| JPM | J.P. Morgan Chase | 0.52% | 148,798 | $43,770,000 |
| XOM | Exxon Mobil Corp | 0.39% | 193,950 | $32,906,000 |
| V | Visa Inc Cl A | 0.33% | 93,812 | $28,354,000 |
| BF/B | Brown-Forman Corp Cl B | 0.21% | 659,694 | $17,442,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.15% | 184,010 | $12,662,000 |
| MO | Altria Group Inc | 0.13% | 164,461 | $10,853,000 |
| MKL | Markel Corp | 0.11% | 4,954 | $9,482,000 |
| CR | Crane Company | 0.09% | 46,626 | $7,973,000 |
| UNP | Union Pac Corp | 0.08% | 27,638 | $6,706,000 |
| COST | Costco Whsl Corp | 0.05% | 4,624 | $4,607,000 |
| DOV | Dover Corp | 0.05% | 19,126 | $3,987,000 |
| GOOGL | Alphabet Inc Cl A | 0.04% | 11,610 | $3,339,000 |
| ABBV | AbbVie Inc | 0.03% | 12,410 | $2,699,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.03% | 15 | $2,132,000 |
| VMC | Vulcan Materials | 0.02% | 7,263 | $1,978,000 |
| AXP | American Express | 0.02% | 6,485 | $1,962,000 |
| MKC | McCormick Inc | 0.02% | 38,581 | $1,946,000 |
| KNCRF | Konecranes | 0.02% | 52,500 | $1,690,000 |
| WRBY | Warby Parker Inc Cl A | 0.02% | 80,000 | $1,686,000 |
| FLMNF | Fielmann | 0.02% | 33,000 | $1,656,000 |
| SSPPF | SSP Group | 0.02% | 700,000 | $1,614,000 |
| FLUIF | Fluidra | 0.02% | 70,000 | $1,595,000 |
| RTLLF | Rational AG | 0.02% | 2,200 | $1,577,000 |
| AKBLF | ALK Abello A/S | 0.02% | 50,000 | $1,559,000 |
| LEVI | Levi Strauss & Co Cl A | 0.02% | 82,725 | $1,530,000 |
| LRLCF | Loreal SA | 0.02% | 3,705 | $1,491,000 |
| PEP | Pepsico Inc | 0.02% | 9,205 | $1,429,000 |
| DVDCF | Davide Campari-Milano NV | 0.02% | 202,013 | $1,427,000 |
| KMROF | Kalmar Oyj B | 0.02% | 27,000 | $1,349,000 |
| DELHF | De'Longhi | 0.02% | 39,000 | $1,347,000 |
| PG | Procter & Gamble | 0.02% | 9,229 | $1,333,000 |
| PUIGF | Puig Brands | 0.02% | 68,000 | $1,323,000 |
| MSFT | Microsoft Corp | 0.02% | 3,544 | $1,312,000 |
| LTSSF | Lotus Bakeries | 0.02% | 115 | $1,291,000 |
| WILLF | Demant A/S | 0.01% | 41,000 | $1,226,000 |
| CABJF | Carlsberg B A/S | 0.01% | 9,872 | $1,223,000 |
| ECTXF | Electrolux Professional | 0.01% | 230,000 | $1,217,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 9,740 | $1,210,000 |
| AAPL | Apple Inc | 0.01% | 4,751 | $1,206,000 |
| ABT | Abbott Labs | 0.01% | 11,510 | $1,182,000 |
| HMRZF | H&M | 0.01% | 64,000 | $1,177,000 |
| HINKF | Heineken NV | 0.01% | 15,131 | $1,156,000 |
| SUNB | Sunbelt Rentals Holdings ORD | 0.01% | 18,178 | $1,139,000 |
| NSRGF | Nestle SA-REG | 0.01% | 11,130 | $1,086,000 |
| FULT | Fulton Finl Corp | 0.01% | 48,950 | $996,000 |
| KO | Coca-Cola | 0.01% | 13,025 | $991,000 |
| JBTM | JBT Marel Corp | 0.01% | 7,250 | $927,000 |
| YETI | Yeti Holdings Inc | 0.01% | 24,000 | $878,000 |
| FBLA | FB Bancorp Inc | 0.01% | 50,000 | $687,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 5,368 | $680,000 |
| ZLDSF | Zalando SE | 0.01% | 28,000 | $663,000 |
| HRI | Herc Holdings Inc | 0.01% | 6,450 | $642,000 |
| WFC | Wells Fargo | 0.01% | 7,450 | $593,000 |
| SWZ | Total Return Securities Fund | 0.01% | 97,667 | $579,000 |
| ORCL | Oracle Corp | 0.01% | 3,600 | $530,000 |
| CVX | Chevron Corp | 0.01% | 2,470 | $511,000 |
| GNRC | Generac Holdings Inc | 0.01% | 2,250 | $439,000 |
| HRL | Hormel Foods Corp | 0.01% | 19,000 | $430,000 |
| LTGIF | LT Group Inc | 0.01% | 1,775,000 | $428,000 |
| OUT | Outfront Media Inc | 0.00% | 13,588 | $360,000 |
| CAT | Caterpillar Inc | 0.00% | 450 | $319,000 |
| JNJ | Johnson & Johnson | 0.00% | 1,304 | $319,000 |
| MCD | McDonalds Corp | 0.00% | 947 | $294,000 |
| UNM | Unum Group | 0.00% | 3,800 | $278,000 |
| MRK | Merck Inc | 0.00% | 2,141 | $258,000 |
| DIS | Disney Walt Productions | 0.00% | 2,517 | $243,000 |
| AMZN | Amazon.com Inc | 0.00% | 1,040 | $217,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $213,000 |
| CIR | Cofide SPA | 0.00% | 251,250 | $196,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOG | Alphabet Inc Cl C | 13.32% | 3,931,197 | $1,233,610,000 |
| BRK/A | Berkshire Hathaway Inc Cl A | 12.12% | 1,488 | $1,123,142,000 |
| MA | Mastercard Inc Cl A | 9.77% | 1,585,999 | $905,415,000 |
| CFRHF | Compagnie Financiere Richemont | 8.21% | 3,502,105 | $760,539,000 |
| PM | Philip Morris International In | 8.13% | 4,697,508 | $753,480,000 |
| HKHHF | Heineken Holding NV | 7.28% | 9,200,276 | $674,248,000 |
| BRK/B | Berkshire Hathaway Inc Cl B | 6.11% | 1,125,395 | $565,680,000 |
| NSRGY | Nestle SA Sponsored ADR | 5.99% | 5,617,162 | $554,863,000 |
| NFLX | Netflix Inc | 5.07% | 5,004,765 | $469,247,000 |
| MLM | Martin Marietta Materials | 4.88% | 726,612 | $452,432,000 |
| UBER | Uber Technologies Inc | 4.54% | 5,145,060 | $420,403,000 |
| AHTGBP | Ashtead Group PLC | 4.51% | 6,111,758 | $418,101,000 |
| PDRDF | Pernod Ricard | 2.37% | 2,553,880 | $219,256,000 |
| DASH | Doordash Inc Cl A | 2.27% | 930,467 | $210,732,000 |
| JPM | J.P. Morgan Chase | 1.84% | 528,817 | $170,395,000 |
| CMCSA | Comcast Corp New Cl A | 0.74% | 2,300,197 | $68,753,000 |
| BF/A | Brown-Forman Corp Cl A | 0.47% | 1,668,094 | $43,888,000 |
| V | Visa Inc Cl A | 0.41% | 108,818 | $38,164,000 |
| XOM | Exxon Mobil Corp | 0.25% | 193,033 | $23,230,000 |
| BF/B | Brown-Forman Corp Cl B | 0.20% | 708,179 | $18,455,000 |
| BUDFF | Anheuser-Busch InBev SA | 0.18% | 265,525 | $17,120,000 |
| MKL | Markel Corp | 0.15% | 6,279 | $13,498,000 |
| CR | Crane Company | 0.11% | 54,401 | $10,033,000 |
| MO | Altria Group Inc | 0.10% | 164,772 | $9,501,000 |
| UNP | Union Pac Corp | 0.06% | 24,984 | $5,779,000 |
| GOOGL | Alphabet Inc Cl A | 0.05% | 14,916 | $4,669,000 |
| AXP | American Express | 0.05% | 12,160 | $4,499,000 |
| COST | Costco Whsl Corp | 0.04% | 4,624 | $3,987,000 |
| DOV | Dover Corp | 0.04% | 19,526 | $3,812,000 |
| CABJF | Carlsberg B A/S | 0.03% | 23,091 | $3,033,000 |
| ABBV | AbbVie Inc | 0.03% | 12,410 | $2,836,000 |
| DGEAF | Diageo PLC | 0.03% | 129,805 | $2,800,000 |
| MKC | McCormick Inc | 0.03% | 40,666 | $2,770,000 |
| VMC | Vulcan Materials | 0.02% | 7,912 | $2,257,000 |
| COCXF | Lindt & Spruengli AG - Reg | 0.02% | 15 | $2,204,000 |
| KNCRF | Konecranes | 0.02% | 18,450 | $2,035,000 |
| SSPPF | SSP Group | 0.02% | 660,000 | $1,829,000 |
| MSFT | Microsoft Corp | 0.02% | 3,705 | $1,792,000 |
| PG | Procter & Gamble | 0.02% | 11,951 | $1,713,000 |
| FLUIF | Fluidra | 0.02% | 59,000 | $1,605,000 |
| LRLCF | Loreal SA | 0.02% | 3,705 | $1,595,000 |
| DVDCF | Davide Campari-Milano NV | 0.02% | 242,103 | $1,575,000 |
| DELHF | De'Longhi | 0.02% | 35,250 | $1,511,000 |
| ABT | Abbott Labs | 0.02% | 11,510 | $1,442,000 |
| WRBY | Warby Parker Inc Cl A | 0.02% | 65,000 | $1,416,000 |
| ECTXF | Electrolux Professional | 0.02% | 200,000 | $1,415,000 |
| PEP | Pepsico Inc | 0.02% | 9,794 | $1,406,000 |
| H | Hyatt Hotels Corp Cl A | 0.02% | 8,675 | $1,391,000 |
| WILLF | Demant A/S | 0.01% | 41,000 | $1,387,000 |
| FLMNF | Fielmann | 0.01% | 25,700 | $1,314,000 |
| HMRZF | H&M | 0.01% | 64,000 | $1,291,000 |
| AAPL | Apple Inc | 0.01% | 4,674 | $1,271,000 |
| AKBLF | ALK Abello A/S | 0.01% | 35,000 | $1,258,000 |
| HINKF | Heineken NV | 0.01% | 15,131 | $1,239,000 |
| PUIGF | Puig Brands | 0.01% | 68,000 | $1,188,000 |
| KMROF | Kalmar Oyj B | 0.01% | 24,000 | $1,143,000 |
| WMT | Wal Mart Stores Inc | 0.01% | 10,165 | $1,132,000 |
| NSRGF | Nestle SA-REG | 0.01% | 11,130 | $1,106,000 |
| JBTM | JBT Marel Corp | 0.01% | 7,250 | $1,092,000 |
| LTSSF | Lotus Bakeries | 0.01% | 115 | $1,060,000 |
| YETI | Yeti Holdings Inc | 0.01% | 24,000 | $1,060,000 |
| FULT | Fulton Finl Corp | 0.01% | 54,100 | $1,046,000 |
| LEVI | Levi Strauss & Co Cl A | 0.01% | 47,725 | $990,000 |
| HRI | Herc Holdings Inc | 0.01% | 6,450 | $957,000 |
| KO | Coca-Cola | 0.01% | 13,640 | $954,000 |
| SWZ | Swiss Helvetia FD Inc | 0.01% | 146,284 | $910,000 |
| ZLDSF | Zalando SE | 0.01% | 28,000 | $833,000 |
| PNC | PNC Bank Corp | 0.01% | 3,750 | $783,000 |
| RTLLF | Rational AG | 0.01% | 975 | $757,000 |
| LAMR | Lamar Advertising Co-A | 0.01% | 5,974 | $756,000 |
| WFC | Wells Fargo | 0.01% | 7,964 | $742,000 |
| ORCL | Oracle Corp | 0.01% | 3,475 | $677,000 |
| FBLA | FB Bancorp Inc | 0.01% | 50,000 | $643,000 |
| HRL | Hormel Foods Corp | 0.01% | 19,835 | $470,000 |
| LTGIF | LT Group Inc | 0.00% | 1,775,000 | $446,000 |
| CVX | Chevron Corp | 0.00% | 2,670 | $407,000 |
| OUT | Outfront Media Inc | 0.00% | 15,677 | $378,000 |
| CAT | Caterpillar Inc | 0.00% | 550 | $315,000 |
| GNRC | Generac Holdings Inc | 0.00% | 2,250 | $307,000 |
| UNM | Unum Group | 0.00% | 3,800 | $295,000 |
| DIS | Disney Walt Productions | 0.00% | 2,510 | $286,000 |
| MCD | McDonalds Corp | 0.00% | 905 | $277,000 |
| AMZN | Amazon.com Inc | 0.00% | 1,040 | $240,000 |
| IBM | I B M | 0.00% | 750 | $222,000 |
| PHJMF | Hanjaya Mandala Sampoerna | 0.00% | 5,000,000 | $217,000 |
| CIR | Cofide SPA | 0.00% | 251,250 | $207,000 |
| JNJ | Johnson & Johnson | 0.00% | 976 | $202,000 |
Investor background
Thomas Russo
“We look for companies with the capacity to reinvest and the capacity to suffer.”
Thomas Russo is the managing member of Gardner Russo & Quinn and the long-standing manager of the Semper Vic investment partnerships. He began managing the first Semper Vic global value partnership in 1983 and joined Gardner Investments in 1989. His career spans more than four decades across multiple market cycles, including inflationary periods, bubbles, crises and structural shifts in global consumer markets.
Russo’s reputation is built on consistency rather than isolated success. He has applied a single investment philosophy over an unusually long period, often holding companies for ten, twenty or more years.
He focuses on global businesses that generate cash in developed markets and reinvest it in emerging ones. These companies typically have strong brands, pricing power, loyal customers and the ability to compound capital at high rates. Many also have meaningful family or controlling shareholder influence.
A key concept in his approach is the “capacity to suffer.” Long-term investments in new markets, brand building or distribution expansion often depress short-term earnings. Russo seeks companies whose owners and managers are willing to accept this temporary pain in exchange for long-term value creation.
The same idea applies to investors. Holding such businesses requires tolerance for volatility, valuation compression and long periods of underperformance. Low turnover and tax efficiency are therefore structural features of his approach.
Russo qualifies as a super investor because he has built a coherent system linking global brands, reinvestment economics, governance and investor psychology. His concentrated portfolio ensures that each decision has meaningful long-term impact.
He remains closely involved in investment decisions, although Gardner Russo & Quinn operates as an institutional investment firm rather than a single-manager account.